Wyoming § 15-1-706 Refunding bonds; general procedure; limitations

Wyoming Statutes

§ 15-1-706 — Refunding bonds; general procedure; limitations

Wyoming § 15-1-706

Title 15Cities and Towns

Ch. 1GENERAL PROVISIONS

Art. 7INDUSTRIAL DEVELOPMENT PROJECTS

This text of Wyoming § 15-1-706 (Refunding bonds; general procedure; limitations) is published on Counsel Stack Legal Research, covering Wyoming primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Wyo. Stat. Ann. § 15-1-706 (2026).

Text

(a)Any municipality or county may refund at any time any bonds issued under this article and outstanding, including without limitation short-term bonds issued in anticipation of the issuance of long-term bonds, by issuing refunding bonds in an amount sufficient to refund the principal together with any unpaid interest and any necessary premiums and commissions. An issue of refunding bonds may be combined with an issue of additional revenue bonds on any project if consistent with the requirements of W.S. 15-1-705. Any refunding may be effected whether the bonds to be refunded have matured or shall thereafter mature, either by sale of the refunding bonds and the application of the proceeds in payment of the bonds to be refunded, or by exchange of the refunding bonds for the bonds to be refu

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(a) Any municipality or county may refund at any time any
bonds issued under this article and outstanding, including
without limitation short-term bonds issued in anticipation of
the issuance of long-term bonds, by issuing refunding bonds in
an amount sufficient to refund the principal together with any
unpaid interest and any necessary premiums and commissions. An
issue of refunding bonds may be combined with an issue of
additional revenue bonds on any project if consistent with the
requirements of W.S. 15-1-705. Any refunding may be effected
whether the bonds to be refunded have matured or shall
thereafter mature, either by sale of the refunding bonds and the
application of the proceeds in payment of the bonds to be
refunded, or by exchange of the refunding bonds for the bonds to
be refunded. The holders of any bonds to be refunded are not
compelled without their consent to surrender their bonds for
payment or exchange prior to the date on which they are by their
terms subject to redemption by option or otherwise. Any
refunding bonds are subject to the provisions of W.S. 15-1-703
and may be secured as provided in W.S. 15-1-704. The principal
proceeds from the sale of any refunding bonds shall be applied
only as follows:
(i) To the immediate payment and retirement of the
bonds being refunded; or
(ii) To the extent not required for the immediate
payment of the bonds being refunded then the proceeds shall be
deposited in trust to provide for the payment and retirement of
the bonds being refunded and to pay any expenses incurred in
connection with refunding but provision may be made for the
pledging and disposition of any surplus, including, without
limitation, provision for the pledging of any surplus to the
payment of the principal of and interest on any issue or series
of refunding bonds. Money in any trust fund may be invested in
direct obligations of or obligations the principal of and
interest on which are guaranteed by the United States government
or obligations of any agency or instrumentality of the United
States government. Nothing in this paragraph shall be construed
as a limitation on the duration of any deposit in trust for the
retirement of bonds being refunded but which shall not have
matured and which shall not be presently redeemable or if
presently redeemable, shall not have been called for redemption.